Virtual Fitting Room Market Size, Share, Growth, Trends, Applications, and Industry Strategies

The global virtual fitting room market revenue stood at $3,128.6 million in 2019, and it is predicted to rise to $19,250.4 million by 2030. Furthermore, the market will progress at a CAGR of 18.5% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the growing popularity of online shopping, increasing penetration of smartphones, and soaring use of advanced technologies by retailers to expand their customer pool.

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With the rising penetration of the internet, the e-commerce industry is exhibiting huge expansion. As per the World Bank, around 49.0% of the total population across the world had access to the internet in 2017. Furthermore, as per the observations of the United Nations Conference on Trade and Development (UNCTAD), in 2018, online sales generated a revenue of $25.6 trillion, which was 8% higher than the number reported in 2017.

Apart from the increasing internet penetration, the mushrooming population of smartphone users across the world is also responsible for the expansion of the e-commerce industry, which is, in turn, fueling the growth of the virtual fitting room market. Depending on application, the market is divided into eyewear, beauty and cosmetics, apparel, jewelry and watches, and footwear. Out of these, the apparel category dominated the market in 2019. This is ascribed to the fact that there are numerous shoppers who buy apparel via e-commerce platforms. However, the product return rate is quite high, on account of the unavailability of product trials and size issues.

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Owing to this reason, retailers are increasingly adopting virtual fitting room solutions, as these solutions enable them to provide an improved shopping experience to customers and reduce the return rate of products. Geographically, North America contributed the highest revenue to the virtual fitting room market in 2019. This is credited to the large-scale use of advanced technologies, such as virtual reality (VR) and augmented reality (AR), in the U.S. Currently, AR solutions are offering in-store navigation, which is assisting customers in finding products easily via apps.

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